“Despite some positive momentum in some aspects of our economy, our job market has continued to struggle as of late, with some easing in total employment levels over the past few months and persistently high unemployment rates,” says CREB chief economist Ann-Marie Lurie, in a statement.
“Also, the Bank of Canada raised rates again in July. Rising costs, combined with a slow recovery, are weighing on the demand for resale homes in the city. At the same time supply remains high and is resulting in an oversupplied market,” she adds.
Although new listings eased in July, total inventory soared 26 per cent to a total of 8,450 units from July 2017.
Here are 9 more facts that show Calgary’s plodding path to housing recovery this summer.
1. In July, citywide months of supply increased for each property type. Overall, Calgary’s months of supply hit 5.46 months, up 32 per cent from a year ago.
2. With supply outweighing demand, prices continued to decline in July with the citywide average hitting $435,200, down nearly two per cent from July 2017.
3. In the detached segment, CREB says oversupply issues continue to worsen in each district of the city compared to last year. Calgary’s detached inventory hit 4,578 units in July — a roughly 40 per cent year-over-year increase.
4. A total of 969 detached homes sold across the city last month, down four per cent from 1,011 units in July 2017. The benchmark price of a detached home reached $501,300 in July, declining two per cent from a year ago.
5. In the condo segment, CREB says easing new listings have prevented any further gains in the amount of inventory. However, supply levels remained elevated in July at 1,774
units, down two per cent from July 2017.
6. Last month, a total of 253 condos sold in the city, relatively unchanged from a year ago. The benchmark price of a condo hit $259,700 — down two per cent from the same period last year.
7. Similar to the other property types, CREB says attached home sales have been easing this year, reaching a total of 325 units in July — a nine per cent drop from a year ago.
8. In the attached segment, gains in new listings pushed up months of supply to 6.46 months in July, up from 4.45 months in July 2017.
9. The benchmark price of an attached home reached $330,900 in July, down nearly two per cent from the same period last year.